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Data on Tuesday showed Asia’s third-largest economy grew by a record annual pace of 20.1% last quarter, driven by a surge in manufacturing and a strong rebound in consumer spending, but spiking infections from the Delta variant of the coronavirus and slow vaccination rates in some states are likely to hurt growth.
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Indian factory activity expanded at a slower pace last month as persistent pandemic-related weakness weighed on demand and output, forcing firms to chop jobs again following a quick recovery in July, a personal survey showed on Wednesday.
Data on Tuesday showed Asia’s third-largest economy grew by a record annual pace of 20.1% half-moon , driven by a surge in manufacturing and a robust rebound in consumer spending, but spiking infections from the Delta variant of the coronavirus and slow vaccination rates in some states are likely to harm growth.
The Manufacturing Purchasing Managers’ Index, compiled by IHS Markit, fell from July’s three-month high of 55.3 to 52.3 in August but stayed above the 50-level that separates growth from contraction on a monthly basis.
Although new orders and output expanded for a second month, growth slowed sharply in August.
”August saw a continuation of the Indian manufacturing sector recovery, but growth lost momentum as demand showed some signs of weakness thanks to the pandemic,” said Pollyanna De Lima, economics associate director at IHS Markit.
”Uncertainty regarding growth prospects, spare capacity and efforts to stay a lid on expenses led to a freeze in August.”
Employment slipped back to contractionary territory in August after growing in July for the primary time in 16 months, indicating the work market is way from pre-pandemic levels.
Shortages of raw materials and better freight fees continued to place pressure on input costs, forcing firms to extend prices at the fastest pace since May, indicating inflation would remain elevated.
However, that wasn't expected to prompt the Federal Reserve Bank of India to tighten monetary policy, as support for the economic process continues to be the central bank’s main priority.
Still, optimism weakened in August as companies were concerned about inflation and therefore the pandemic’s lingering impact.
”The 12-month outlook for production remained positive, though confidence faded amid worries concerning the lasting scars of the pandemic and therefore the adverse impact of rising costs,” added De Lima.